The Royal Bank of Canada (RBC) is one company that has kept the growing business and financial management needs of its customers at heart by offering a host of products that appeal to all categories of business owners imaginable.
RBC Commercial Account
From start-ups to growing to globally expanding businesses, the Royal Bank of Canada has an account motivated towards helping them achieve their respective goals and objectives, not only does the RBC offer services for everyone, they offer specialized advisory services to help business owners properly navigate the best solutions to suit their business needs, the RBC also uses a series of algorithms that analyze your business and helps you decide what accounts are best for your business and make recommendations accordingly.
RBC Operating Accounts
Now let’s take a little dive into the various Business Accounts offered by the RBC and how they intend to solve the problems associated with running a successful business. Firstly, we would discuss the Operating Account, this account is majorly concerned with aiding the customer manage his day-to-day business banking in line with his business needs, some of the perks involved in running a business operating account with RBC include the option of keeping personal and business transactions separate, ability to build a credit score for your business and ease in making and receiving business payments. All RBC operating accounts have unlimited deposits as well as no minimum balance requirements.
When your business is relatively unique or supports a specialized market it may be advisable to opt for an RBS Specialty Account which offers you low a monthly fee of $3.75 which can help maximize your support for local communities, first three months of operation free from monthly fees and you would also receive twenty-five personalized duplicate cheques and deposit slips when you open your account.
RBC Business Trust Account
This account is geared entirely towards helping customers maintain, control, and manage funds that are entrusted to them, this account may be the best option for your business if you either need to hold money on behalf of your clients to satisfy business requirements, need to segregate funds belonging to multiple beneficiaries or you want the money entrusted to you to earn interest.
This account puts you in the driver’s seat of your finances by giving businesses the access to competitive market rates on the funds held on your behalf, access to tools and tips that’ll make managing your account relatively easy and a streamlined and efficient reporting service making record keeping and reconciliation a whole lot faster, some additional benefits one could enjoy from running this account include the ability to manage a large number of sub-accounts under one control account and having all your fund deposits insured by the CDIC(Canadian Deposit Insurance Corporation).
RBC Online Foreign Currency Account
For a monthly fee of $25 this account lets you enjoy the flexibility of managing all your foreign currency inflows and outflows without having to convert your currencies for each transaction, this account may be the best fit for you if your business makes an receives payments outside of Canadian and the United States dollars or if you want to control and convenience when managing your online account or converting your foreign currency. A few of the upsides to running this account include enjoying favorable exchange rates when converting large amounts of currency and offering the flexibility of making and accepting payments in the same currency with which you do business and avoiding excessive foreign exchange conversion costs.
Conclusion
Finance as we know it will never remain the same, the landscape has changed, the game is different and the players are more global than ever before. Throughout the course of this article, we have looked at how the Royal Bank of Canada(RBC) has positioned itself as a pacesetter and go-to brand for banking and managerial solutions for all manner of business owners. The stormy waters don’t have to be so turbulent after all.
Can I open a commercial account Online?
Yes, RBC has an online banking experience that gives you all the necessary requirements to run your account
How do I link my RBC personal and business accounts?
To link your RBC accounts online, sign in to Online banking and select the “Link Other Accounts” link on the “Profile & Preferences” page, then follow the on-screen prompts.
